JP Morgan caught red handed buying Bitcoin
Jamie Dimon, CEO of JP Morgan, recently went on a crusade against Bitcoin, calling it a fraud and stating he would fire anyone who invests in it. Just recently, JP Morgan purchased a lot of XBT shares, also known as exchange traded notes that track the price of Bitcoin.
According to public records, two firms associated with JP Morgan Securities Ltd., and Morgan Stanley bought about 3 million euros worth of XBT shares. Interestingly enough, they bought it right after the crackdown in China and Jamie Dimon talking serious smack.
Bitcoin exchange traded notes are a common investment for mainstream investors and management firms who want to get involved with Bitcoin but don’t want to outright purchase actual Bitcoin. These exchange traded notes usually follow Bitcoins movements against USD and the Euro.
JP Morgan doesn’t only buy bitcoin exchange traded notes, they have also applied for a block chain patent. They attempted to get this patent over 175 times in 2013. JP Morgan is also working on an etherum based blockchain and they are involved with Zcash development as well. JP Morgan executives have even previously quit JP Morgan to get more involved in blockchain based technologies. Daniel Masters, a veteran commodities trader, joined JP Morgan after graduating college in 2014 and started a Bitcoin based hedge fund. Blyther Masters, a former JP Morgan mogul, started her own company, Hyperledger, which is now run by the Linux foundation.
Jamie Dimon cannot continue to try to hide that his company is extremely involved with Bitcoin and other block chain based technologies.
What do you think about this? Let us know in the comments.